THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 251

Multiple Choice

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
In a recent survey of consumer confidence,160 respondents were classified by their level of education.The results of the survey are presented below.
-What proportion of respondents who had at least some college education also had high confidence?

• A)0.239
• B)0.210
• C)0.364
• D)0.636

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Definitions:

Endowment Effect

A mental prejudice in which individuals attribute higher worth to items simply because they possess them.

Prospect Theory

A behavioral economic theory that describes how people make decisions between probabilistic alternatives that involve risk, where the outcomes are known.

Identical Item

A product or object that is exactly the same in every aspect as another, with no variations.

Status Quo Bias

The preference for the current state of affairs, where changes are resisted even when better options are available.